New Twist: Local Developer Interested in Buying Joe Louis Arena

July 25, 2019, 4:34 PM

Joe Louis Arena is being razed. 

Financial Guaranty Insurance Co., the bond insurer that took possession of Joe Louis Arena after losing $1.1 billion in Detroit's bankruptcy, wants to sell the vacant property now being razed.

FGIC is in talks with an unnamed local development group that wants to buy the arena site and an adjacent parking garage and find a new use for the site, reports Louis Aguilar of The Detroit News.

Matthew Walters, the city's deputy group executive for jobs and the economy, tells the paper:

"I have a high level of confidence this deal will get done." 

He described the development group as having a proven track record in Detroit, with "an ability to execute deals."

FGIC has had differences with the city over developing the site.

Read more:  The Detroit News

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Photo Of The Day 

Potd_potd_by_bill_mcgraw__former_good_shepherd_catholic_church__1265_parkview_351 The former Annunciation Catholic Church at 1265 Parkview St. is now a Library Street Collective art gallery in Detroit’s East Village.

By: Bill McGraw (@mcgraw_bill)